There is a lot written about the risks to consumers regarding electronic payments. Some people won’t even do business with a company if electronic payments are the only option. Well, there are ways for customers to protect themselves, but what about the merchants. For merchants, there are a growing number of customers that manage all their finances online and come to expect electronic payment options. There are ways that merchants can reduce their risks.
VERIFICATION OF FUND AVAILABILITY
The risk management will start with getting the charge card authorized. The credit card company and bank will provide the means for this to happen. Authorizations don’t guarantee the owner of the card is making the purchase, it just verifies that the funds are available. Making sure there are adequate funds in the account is only one step in reducing risk.
AUTHENTICATING CARD HOLDER
There is an increase risk of a fraudulent purchase or payment online because the signature and the card is not present. This is why companies like Visa will provide the service of authenticating the cardholder. This service will reduce the risk of charge backs and increases customer security.
ELECTRONIC COMMERCE INDICATOR
When the ECI (electronic commerce indicator) is entered, it identifies the transaction as an e-commerce transaction. Once identified, the issuer of the card is able to make a more accurate authorization.
CARDHOLDER INFORMATION SECURITY PROGRAM
The CISP (cardholder information security program) is required by Visa to protect sensitive data. Other card issuers have similar programs. This program requires fraud prevention monitoring and requires specific routing sequences.
There is so much more to ecommerce than just taking a card number and shipping merchandise to a customer. There are the following expectations:
- Customers expect their private information secure
- Card issuers expect proper authentication
- Merchants expect prompt payment
Payment processing can be expensive when it isn’t done properly. With the services and products from Merchant Data Systems, merchants can process their electronic payments with reduced risk to their company. In addition, their Surepay Manager will assist in everything from automatic email notifications to managing partial order fulfillment.
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